Taiwanese businessman purchases Brooklyn Nets

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Sports

September 19, 2019 - 10:18 AM

The Barclays Center covered in snow on Jan. 4, 2018. TODD MAISEL/NEW YORK DAILY NEWS

NEW YORK (AP) — The Brooklyn Nets have a new owner and a new CEO.

Alibaba co-founder Joe Tsai completed his purchase of the team and Barclays Center on Wednesday, then announced that he had hired former Turner Broadcasting President David Levy to oversee both.

Tsai’s purchase of the Nets was unanimously approved Wednesday by the NBA’s board of governors. He spent nearly $3.5 billion for the team and the arena, a record sale for a U.S. sports franchise.

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